# Savings vs Investment Adjustment Within Unions

| Sample | Dep. Var | Z_1_dev |  | N | Countries | R² |
|---|---|---|---|---|---|---|
| EMU | gross_savings_gdp | -5.218 | (30.536) | 399 | 18 | 0.346 |
| EMU | gross_investment_gdp | 171.086*** | (42.594) | 399 | 18 | -0.141 |
| EMU | savings_investment_gap | -255.009*** | (34.165) | 399 | 18 | 0.481 |
| CFA | gross_savings_gdp | -63.008 | (50.144) | 712 | 14 | 0.622 |
| CFA | gross_investment_gdp | 100.835* | (53.452) | 712 | 14 | -0.209 |
| CFA | savings_investment_gap | -144.410*** | (39.649) | 712 | 14 | 0.620 |
| OECD_Float | gross_savings_gdp | -12.382 | (28.674) | 659 | 21 | 0.124 |
| OECD_Float | gross_investment_gdp | 10.182 | (24.336) | 659 | 21 | 0.373 |
| OECD_Float | savings_investment_gap | -73.149** | (33.093) | 659 | 21 | 0.102 |

*Notes: PanelGLS with country and year FE. Z_dev = within-union demeaning. Controls: fiscal balance, lagged NFA, growth, relative productivity, KAOPEN.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*
